Lowest GDP growth estimate in a decade The Central Statistical Organisation or the CSO estimated India's economic growth rate or the GDP sharply lower at 5 percent. This is on account of poor performance of manufacturing, agriculture and services sector. This is the lowest GDP estimate in a decade.
Govt divests NTPC stake successfully The big daddy of divestment NTPC hit the market on February 7. The successful divestment was subscribed 1.7 times and will have garnered more than Rs 11,500 crore from the issue. The government had fixed the floor price for the 9.5 per cent stake auction of NTPC at Rs 145 per share.
Swinging rupee On expectation of NTPC inflows, the rupee earlier this week hit a three and half month high. The optimism was however timed as the rupee fell the most in over a month, later in the week due to market weakness and 5 percent GDP growth estimate.
Etihad completes due diligence in Jet-Etihad deal After weeks of speculation around the Jet-Etihad deal, Eithad finally completed its due diligence of the proposed deal. The Abu Dhabi based carrier has seeked a right of first refusal agreement in the deal to buy out promoter stake at a later date. Etihad is likely to pick up around 24 percent in Jet Airways
Kotak Mahindra Bank buys Barclays India's business loans book Private sector lender Kotak Mahindra Bank acquired the business loans portfolio of the Indian arm of Barclays Plc. With this acquisition, Kotak will have 6000 customers with total loans outstanding of about Rs 700 crore
Gold price hits 5 month low The largely coveted yellow metal hit its lowest level in more than five months weighed by a stronger rupee. The low comes at a time when the central government plans to restrict demand for gold by announcing a 50 percent hike in import duty in order to control its widening current account deficit.
Sebi clears Diageo-United Spirits open offer Securities and Exchange Board of India cleared Diageo's open offer to United Spirits Limited's (USL) minority shareholders, paving the way for conclusion of the Rs 11,000 crore deal between the two liquor giants. The deal was stuck since last November following objections raised by the stock market regulator over the "put" option in purchase agreement and the offer price quoted by Diageo.
Market takes breather; continues below 6K level Bad corporate results, poor global cues and weak domestic economic situation kept investors in the sidelines once again, leading to a very sluggish week. The market was pulled down by a weak rupee added with low GDP expectations. The Nifty also saw the psychological barrier of 5000 breaking but recovered soon. The Sensex ended at 19484 and the Nifty at 5903
Delhi court frames charges against Kalmadi in CWG Scam A Delhi court framed charges against sacked CWG Organising Committee Chairman Suresh Kalmadi and nine others for allegedly cheating, conspiring and causing a loss of over Rs 90 crore to the exchequer in the Common Wealth Games.